Who Is To Blame for Foreclosures

Posted on November 27th, 2008 by saman

Shelter is a basic need in society. Foreclosures on the other hand are cases where a family is sent out of the house since they cannot afford to pay their mortgage installments when they are due. Sending people out of a house may seem inhuman but the real-estate agent too needs the money. This makes it a hard decision for the agent to send people out or to stay without money. With the world experiencing many foreclosures, fingers have been pointed trying to get blame for the foreclosures or in the bigger picture trying to blame someone for the poor financial times.

Governments have been put on the spotlight for looking at their citizens languish in poverty while they have some money reserved that could be used to ransom the citizen’s poor financial positions. Treasury officials in some nations have made hurried decisions and they have dispensed great sums of cash but this money has not been enough and instead the result has been a poorer nation for such governments. This shows that even if the government was to give grants, the money is still not enough to avoid foreclosures in many countries.

Some have said that the top financial advisors in the government would have seen that the economy was to face some lean times prior to the disaster but they forget that they too could have saved enough to make sure that they would have enough to survive even when the times are hard. Some have blamed their financial and housing institutions claiming that they ensnared them into loans and mortgages but this is just a way of trying to forget the current situation that they are already faced with foreclosures. With all these blames, people have not yet come up with a solution that can solve the issues of the numerous foreclosures that are being experienced daily.

In the United States, some people are blaming the past regime for poor strategies and implementation but this is not a solution to the problem of foreclosures. The past regime could have made a mistake but now that they are leaving there will be change and learning from past experience people are sure that the coming regime will change the housing policies and implement new ones that will be considerate of the citizens. These will mainly be aimed at reducing the number of foreclosures for sale in the United States.

In other states people are pointing fingers to the world financial regulators who are the World Bank and the International Monetary Fund institutions among others. These too cannot assist so much in the case of a poor economy since very state has its way of handling its finances and they just regulate and formulate policies that will suit all the nations uniformly. This leaves the normal citizen with no one to blame but themselves for not saving enough to see them through these times and when their houses are foreclosed, they just have to accept the situation and move on hoping that the economy will improve soon.